In a report published Monday, Piper Jaffray & Co. reiterated its Neutral rating on Smith & Nephew (NYSE: SNN), but slightly lowered its price target from $54.00 to $53.00.

Piper Jaffray noted, “We are updating our estimates to account for the closing of the Bioventus deal. These changes include a reduction in our projected revenues for 2012 and 2013 of $90 mil and $171 mil, respectively. We have also trimmed our EPS estimates related to the deal, which includes reductions of 7c and 6c in 2012 and 2013, respectively, due to lower revenues partially offset by a $250 mil reduction in debt, funded in part from the proceeds of the deal. We remain Neutral on SNN, lowering our price target from $54 to $53, based on an unchanged 13.5x FY13 EPS.”